Financial Report of the United States

The book presents a critical analysis of the federal government's financial practices, likening it to an insurance company that only operates on a cash basis, which can lead to significant risks. It advocates for accrual accounting, a method that reflects the true economic state by recognizing benefits as they are earned, rather than when paid out. This approach would provide clearer insights into the implications of budgetary decisions over time, aiding policymakers and informing the public about government finances. Key insights from various former Treasury officials underscore the importance of transparency and accountability in government operations.